3 Oct 2020
We usually decide to sell or to buy a home when there is a significant change in our lives.
However, we also try to hold out and time a sale or purchase for when the economic and real estate climate is in our favor. During these extraordinary times we are living in, do we have a seller’s or a buyer’s market?
The anomaly that has been created by this pandemic makes this is a good time for both sellers and buyers.
In the Westchester area, the supply of homes is relatively stable with some new construction mostly limited to mid-rise/high-rise apartments and small subdivisions. This shortage and tight inventory provide a great market for homeowners to sell their homes near or at their asking prices and, in many cases, even over their asking price – with multiple offers.
Sellers are also benefitting from the movement to working at home remotely. Potential buyers are desiring dedicated office space and/or more open space, rather than being attracted to the confines of apartments in urban centers.
Prior to the pandemic, there was pent-up demand and prices were relatively stable. However, since the pandemic took hold, prices have been trending higher in most areas.
The current circumstances are also providing an incredible opportunity for sellers who are looking to downsize, as many are now able to obtain previously unattainable prices for their homes. They can now get into more suitable living situations and, at the same time, potentially have money left over to use or invest as they see fit.
On the other hand, buyers are now faced with their own great opportunity: getting into the home of their dreams or even upscaling as historically-low interest rates provide more buying power to get into homes that were previously out of reach.
There is opportunity for everyone today – both buyers and sellers – with win-win scenarios for all!